Market Mover: UBS reports loss…when the Swiss can’t make money in banking we are soo not out of the woods…

and what a loss it is:

UBS will post a first-quarter loss and cut 8,700 more jobs as it struggles to recover, its new chief executive said on Wednesday, warning that Switzerland’s largest bank faces an uncertain future…

… the bank will post a first-quarter loss of nearly 2 billion Swiss francs ($1.74 billion), mainly due to writedowns and outflows at its prized wealth management unit….

Traders welcomed the job cuts but said the loss was bigger than expected. “The result is a huge disappointment. After the unexpectedly good figures from Goldman Sachs and Wells Fargo and optimistic comments from Deutsche Bank about the first months, we were expecting at least a flat result from UBS,” one said.

The financial crisis has already forced the bank to announce about $50 billion of writedowns and 11,000 job cuts since mid-2007 and its shares have lost nearly three- quarters of their value in the last twelve months as it struggles to recover.

April 15, 2009. Tags: , , , , . Economy, Finance, Taxes, Wall St. Comments off.

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